Shares of Lululemon (NASDAQ:LULU) fell over 8% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2022. Earnings per share came in at $2, which beat analysts’ consensus estimate of $1.97 per share.
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Sales increased by 28.3% year-over-year, with revenue hitting $1.86 billion. This beat analysts’ expectations of $1.814 billion.
Looking forward, management now expects revenue and adjusted earnings per share for Q4 2022 to be in the ranges of $2.605 billion to $2.655 billion and $4.20 to $4.30, respectively.
For reference, analysts were expecting $2.655 billion in revenue along with an adjusted EPS of $4.30.
Overall, Wall Street has a consensus price target of $412.09 on LULU stock, implying 10% upside potential, as indicated by the graphic above.
